Zensar Technologies 400-495
Expected level 600
Support 380
Expected level 600
Support 380
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Voltas company details report
Voltas Incorporated in 1954, Voltas Limited is a part of the Indian multinational conglomerate, the TATA Group which was formed when Swiss based Volkart Brothers joined hands with Tata Sons. It is Indiaโs largest air conditioning company and one of the most reputed engineering solutions providers, specializing in project management. Its manufacturing facilities are located at Waghodia (Gujarat), Sanand (Gujarat) and 2 units at Pantnagar (Uttarakhand). Segment - A (Unitary Cooling Products for Comfort and Commercial use - UCP) : Engaged in manufacturing, selling and after sales services of cooling appliances and cold storage products. Facilities Maintenance and Hard Services: Operations and Maintenance (O&M) contracts in various sectors, AMCs, Retrofits and Energy Management, etc. With a focus on developing cooling appliances, UCP has been a market leader in the RAC (room air conditioner) category for over a decade now. The vertical caters to business-toconsumer (B2C) and business-to-business (B2B) market requirements. It has grown to more than 25,000 touch points across the nation, with 700+ SKUs. This segment is seasonal in nature with sales generally being highest in Q1. Segment - B (Electro - Mechanical Projects and Services - EMP): Universal MEP Projects & Engineering Services Limited (UMPESL) is a 100% wholly-owned subsidiary of Voltas Ltd and engaged in mechanical, electrical and plumbing (MEP), HVAC (heating, ventilation & air conditioning), plumbing, fire fighting, extra low voltage (ELV) and specialized services. Water Solutions: comprises water treatment solutions for Industrial, oil and gas and domestic sewage segments and last mile connectivity of water tab under various government schemes. Segment - C (Engineering Products and Services) : Textile Machinery : represents leading equipment manufacturers in Textile Machinery and Mining & Construction Equipment for sale, distribution and after sales service.
Voltas Incorporated in 1954, Voltas Limited is a part of the Indian multinational conglomerate, the TATA Group which was formed when Swiss based Volkart Brothers joined hands with Tata Sons. It is Indiaโs largest air conditioning company and one of the most reputed engineering solutions providers, specializing in project management. Its manufacturing facilities are located at Waghodia (Gujarat), Sanand (Gujarat) and 2 units at Pantnagar (Uttarakhand). Segment - A (Unitary Cooling Products for Comfort and Commercial use - UCP) : Engaged in manufacturing, selling and after sales services of cooling appliances and cold storage products. Facilities Maintenance and Hard Services: Operations and Maintenance (O&M) contracts in various sectors, AMCs, Retrofits and Energy Management, etc. With a focus on developing cooling appliances, UCP has been a market leader in the RAC (room air conditioner) category for over a decade now. The vertical caters to business-toconsumer (B2C) and business-to-business (B2B) market requirements. It has grown to more than 25,000 touch points across the nation, with 700+ SKUs. This segment is seasonal in nature with sales generally being highest in Q1. Segment - B (Electro - Mechanical Projects and Services - EMP): Universal MEP Projects & Engineering Services Limited (UMPESL) is a 100% wholly-owned subsidiary of Voltas Ltd and engaged in mechanical, electrical and plumbing (MEP), HVAC (heating, ventilation & air conditioning), plumbing, fire fighting, extra low voltage (ELV) and specialized services. Water Solutions: comprises water treatment solutions for Industrial, oil and gas and domestic sewage segments and last mile connectivity of water tab under various government schemes. Segment - C (Engineering Products and Services) : Textile Machinery : represents leading equipment manufacturers in Textile Machinery and Mining & Construction Equipment for sale, distribution and after sales service.
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It has also launched its range of Voltas Beko Home Appliances, through Voltbek Home Appliances Private Limited (Voltas Beko) which is an equal partnership joint venture between Voltas Limited and Turkeyโs largest household appliances manufacturers, Arรงelik. It launched the brand โVoltas Bekoโ in September 2018 and positioned it as โPartners of Everyday Happinessโ in India. Beko, the global brand of Arรงelik A.ล., has been one of the fastest growing home appliances brand of Europe. It has been consistently increasing its footprint in the Indian home appliances segment and currently has over 15,000 consumer touchpoints. Voltas Bekoโs portfolio of products includes refrigerators, washing machines, microwaves/ovens and dishwashers. It leverages the brand name and distribution strength of the company, Voltas, and the global expertise of Arรงelik in product development. It has 300+ SKUs as on FY25. Voltas Beko crossed a cumulative volume of 7.5 million units since launch of commercial sales.
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#SALES #GROWTH 5 Year CAGR15.0%
In FY25, the revenue registered were โน15,413 cr up by 23.5% YoY. UPC segment grew by 30% on a YoY basis contributing 69% of the revenue. The revenue mix in the UCP segment was ~61% from RAC (room air conditioner), followed by ~19% from commercial air conditioning, ~15% from commercial refrigerator, and the remaining ~5% from air cooler & water heater. The company sold 2.5 million units of RAC in FY25 and 0.5 million units of coolers. For the overall air conditioner category market share was 19% as on 31st March 2025. Total carry forward order book including international projects for the segment stood at ~โน6,500 cr.
In FY25, the revenue registered were โน15,413 cr up by 23.5% YoY. UPC segment grew by 30% on a YoY basis contributing 69% of the revenue. The revenue mix in the UCP segment was ~61% from RAC (room air conditioner), followed by ~19% from commercial air conditioning, ~15% from commercial refrigerator, and the remaining ~5% from air cooler & water heater. The company sold 2.5 million units of RAC in FY25 and 0.5 million units of coolers. For the overall air conditioner category market share was 19% as on 31st March 2025. Total carry forward order book including international projects for the segment stood at ~โน6,500 cr.
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#EBITDA #GROWTH 5 Year CAGR10.2%
Key components for manufacturing of the companyโs products such as compressors, copper tubes, electronic parts, indoor units for split air conditioners and inverter drives are sourced from vendors in China and vendors in India. This is mitigated by diversifying procurement sources along with backward integration at plant. Better product mix, coupled with planned procurement of inventories helped to partially mitigate the increased cost of commodity prices and higher logistics costs. In FY25, the EBITDA was โน1,116 cr up by 135% YoY. This was majorly due to higher cost escalations and higher losses in the EMP segment.
Key components for manufacturing of the companyโs products such as compressors, copper tubes, electronic parts, indoor units for split air conditioners and inverter drives are sourced from vendors in China and vendors in India. This is mitigated by diversifying procurement sources along with backward integration at plant. Better product mix, coupled with planned procurement of inventories helped to partially mitigate the increased cost of commodity prices and higher logistics costs. In FY25, the EBITDA was โน1,116 cr up by 135% YoY. This was majorly due to higher cost escalations and higher losses in the EMP segment.
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#PAT #GROWTH
In FY25, the company recorded PBT at โน1,317 cr. The consolidated PAT registered was โน960.3 cr which includes loss of share associates of ~โน126 cr. Results of Q3 FY23 and Q2 FY23 included provisions amounting to โน137.4cr and โน106.4 cr respectively which was made due to the termination of a contract and encashment of bank guarantees for two overseas projects in Dubai and Qatar, respectively. The necessary legal steps has been taken to recover the money. They had received arbitration award in their favor related to this encashment as informed in Q1 FY25.
In FY25, the company recorded PBT at โน1,317 cr. The consolidated PAT registered was โน960.3 cr which includes loss of share associates of ~โน126 cr. Results of Q3 FY23 and Q2 FY23 included provisions amounting to โน137.4cr and โน106.4 cr respectively which was made due to the termination of a contract and encashment of bank guarantees for two overseas projects in Dubai and Qatar, respectively. The necessary legal steps has been taken to recover the money. They had received arbitration award in their favor related to this encashment as informed in Q1 FY25.
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#EBITDA #MARGIN
In FY25, EBITDA margin was 7.24% and segmental EBIT margin for Electro-Mechanical Projects and services was 4%, Unitary products at 8.4% and Engineering Products & Services at 27%. The company reported positive EBIT in the ElectroMechanical Projects & services in FY25 after FY22. This was mainly due to improved order booking, better project execution and working capital management.
In FY25, EBITDA margin was 7.24% and segmental EBIT margin for Electro-Mechanical Projects and services was 4%, Unitary products at 8.4% and Engineering Products & Services at 27%. The company reported positive EBIT in the ElectroMechanical Projects & services in FY25 after FY22. This was mainly due to improved order booking, better project execution and working capital management.
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#ROCE
In FY25, PBIT for the year was โน1,253 cr and the capital employed was at โน7,102 cr. The ROCE stood at ~18%. CASE STUDY
In FY25, PBIT for the year was โน1,253 cr and the capital employed was at โน7,102 cr. The ROCE stood at ~18%. CASE STUDY
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#MANAGEMENT
The management is led by Mr. Noel N Tata. He is also Chairman of Trent Limited and Tata Investment Corporation Limited and Vice Chairman of Titan Company Limited and Tata Steel Limited. His knowledge of Retail business is humongous and has aspired the company grow in consumer products significantly. Mr. Pradeep Bakshi, Managing Director & CEO of the company has around 39 years of experience in consumer appliances domain and his vast expertise and experience in the appliances domain makes him a distinct professional. Under his able leadership, Voltas has consistently grown in revenue and profitability, ahead of the AC Industry. Voltas achieved leadership position in market share of room air conditioners.
The management is led by Mr. Noel N Tata. He is also Chairman of Trent Limited and Tata Investment Corporation Limited and Vice Chairman of Titan Company Limited and Tata Steel Limited. His knowledge of Retail business is humongous and has aspired the company grow in consumer products significantly. Mr. Pradeep Bakshi, Managing Director & CEO of the company has around 39 years of experience in consumer appliances domain and his vast expertise and experience in the appliances domain makes him a distinct professional. Under his able leadership, Voltas has consistently grown in revenue and profitability, ahead of the AC Industry. Voltas achieved leadership position in market share of room air conditioners.
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#COMPANY #POTENTIAL
โข Indiaโs consumer durables industry is experiencing rapid growth and is currently the fastest-growing major market globally. It is projected to become the fourth-largest market by 2026โ27, with an estimated market size of โน3 lakh crore by 2028โ29. โข The Water Heater segment thrives in the Indian market, with an annual demand of approximately 5 million units. The segment has experienced consistent growth of 10-12% year-on-year (YOY), with a selling window of almost 10 months in a year. โข Room Air Conditioner (RAC) penetration in India currently stands at 10%, but the market is witnessing rapid growth. Valued at approximately โน37,000 crore (USD 4.33 billion) in FY24, the RAC segment is growing at a CAGR of 19.9% and is expected to reach around โน91,000 crore (USD 10.65 billion) by FY29. โข The Indian RAC market saw volumes rise from 8.4 million units in FY23 to 10 million units in FY24. The industry anticipates that total AC volumes will grow from the current 1.3โ1.4 crore units (FY25) to 3โ3.5 crore units over the next five years. โข The Indian Commercial Air Conditioning industry is valued at ~โน8,000 crore, it is projected to grow at a CAGR of ~12%. โข Commercial Refrigeration market has a potential to grow at 30% because India is underpenetrated in the same. Whereas commercial air conditioning products should grow at a CAGR of 12%-12.5% as per the management of the company. โข The commercial refrigeration market size was valued at โน4,033 crores in 2019-20 and is projected to reach โน8,022 crores in 202627, registering a CAGR of 10%. Increase in demand for frozen products among the consumers due to change in lifestyle and rapid urbanization, combined with growth in the organized retail sector with increase in number of hypermarkets/supermarkets is expected to drive demand for commercial refrigeration products. โข Indiaโs domestic textile and apparel market is projected to reach USD 190 billion by 2025โ26, while exports are expected to touch USD 100 billion by 2030. TMDโs growth strategy centers on expanding its aftersales services and entering new markets like CASE STUDY Bangladesh, Sri Lanka, and Africa, with a continued emphasis on sustainable and automated solutions.
โข Indiaโs consumer durables industry is experiencing rapid growth and is currently the fastest-growing major market globally. It is projected to become the fourth-largest market by 2026โ27, with an estimated market size of โน3 lakh crore by 2028โ29. โข The Water Heater segment thrives in the Indian market, with an annual demand of approximately 5 million units. The segment has experienced consistent growth of 10-12% year-on-year (YOY), with a selling window of almost 10 months in a year. โข Room Air Conditioner (RAC) penetration in India currently stands at 10%, but the market is witnessing rapid growth. Valued at approximately โน37,000 crore (USD 4.33 billion) in FY24, the RAC segment is growing at a CAGR of 19.9% and is expected to reach around โน91,000 crore (USD 10.65 billion) by FY29. โข The Indian RAC market saw volumes rise from 8.4 million units in FY23 to 10 million units in FY24. The industry anticipates that total AC volumes will grow from the current 1.3โ1.4 crore units (FY25) to 3โ3.5 crore units over the next five years. โข The Indian Commercial Air Conditioning industry is valued at ~โน8,000 crore, it is projected to grow at a CAGR of ~12%. โข Commercial Refrigeration market has a potential to grow at 30% because India is underpenetrated in the same. Whereas commercial air conditioning products should grow at a CAGR of 12%-12.5% as per the management of the company. โข The commercial refrigeration market size was valued at โน4,033 crores in 2019-20 and is projected to reach โน8,022 crores in 202627, registering a CAGR of 10%. Increase in demand for frozen products among the consumers due to change in lifestyle and rapid urbanization, combined with growth in the organized retail sector with increase in number of hypermarkets/supermarkets is expected to drive demand for commercial refrigeration products. โข Indiaโs domestic textile and apparel market is projected to reach USD 190 billion by 2025โ26, while exports are expected to touch USD 100 billion by 2030. TMDโs growth strategy centers on expanding its aftersales services and entering new markets like CASE STUDY Bangladesh, Sri Lanka, and Africa, with a continued emphasis on sustainable and automated solutions.
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#FUTURE #OUTLOOK
โข The company aims to enhance market share in its core categories by deepening distribution and accelerating product innovation to meet evolving customer needs. It plans to continue its focus on energy efficient and IoT โ enabled cooling solutions. โข Voltbek, the home appliances JV, is set to expand capacity by 50% at its Sanand plant to boost 'Made-in-India' production, especially refrigerators. Future include launching new Frost-Free and Direct-Cool models, expanding its SDA range, strengthening in-store presence, introducing digital-first products for e-commerce, and promoting dishwashers with India-focused awareness campaigns. The company also aims to improve operational efficiency and grow market share in washing machines. โข As of YTD February 2025, the companyโs market share rose to 8.7% in washing machines and 5.3% in refrigerators, with a strong 15.3% share in the semi-automatic washing machine segmentโmaking it the second-largest player in that category. It sold over 1 envisaged to accrue from FY26. million units across refrigerators and washing machines, achieving 56% volume growth for the year ended 31st March 2025 and emerged as the fastest-growing electrical appliances company in the country. โข Both commercial air conditioning and commercial refrigeration segment is envisaged to do well as there is demand for cold chain products, increase in commercial offices, airports, group companyโs shops, etc. It envisages double digit growth for this category. โข The company believes in the merits of backward integration of certain products like Heat Exchanger, Cross Flow Fan and Plastic components, and had applied to avail the Produ
โข The company aims to enhance market share in its core categories by deepening distribution and accelerating product innovation to meet evolving customer needs. It plans to continue its focus on energy efficient and IoT โ enabled cooling solutions. โข Voltbek, the home appliances JV, is set to expand capacity by 50% at its Sanand plant to boost 'Made-in-India' production, especially refrigerators. Future include launching new Frost-Free and Direct-Cool models, expanding its SDA range, strengthening in-store presence, introducing digital-first products for e-commerce, and promoting dishwashers with India-focused awareness campaigns. The company also aims to improve operational efficiency and grow market share in washing machines. โข As of YTD February 2025, the companyโs market share rose to 8.7% in washing machines and 5.3% in refrigerators, with a strong 15.3% share in the semi-automatic washing machine segmentโmaking it the second-largest player in that category. It sold over 1 envisaged to accrue from FY26. million units across refrigerators and washing machines, achieving 56% volume growth for the year ended 31st March 2025 and emerged as the fastest-growing electrical appliances company in the country. โข Both commercial air conditioning and commercial refrigeration segment is envisaged to do well as there is demand for cold chain products, increase in commercial offices, airports, group companyโs shops, etc. It envisages double digit growth for this category. โข The company believes in the merits of backward integration of certain products like Heat Exchanger, Cross Flow Fan and Plastic components, and had applied to avail the Produ
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Voltas 1200-1280
Expected level 1500
Support 1044
Expected level 1500
Support 1044
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Zydus Wellness Limited Company Details Report
Zydus Wellness Limited Established in 1988, Zydus Wellness Limited, a subsidiary of the pharmaceutical company, Zydus Lifesciences formerly known as Cadila Healthcare is a leading consumer wellness company. The company enjoys a pan-India marketing presence through a distribution network which comprises of over 1,950 distributors and has five subsidiaries. Currently, the company has four manufacturing units: one each at Gujrat, Uttar Pradesh and two at Sikkim. Its distribution has been facilitated by investment in 25 integrated warehouses, which can serve both its cold chain and ambient range of brands. The product portfolio includes flagship brands like Sugar Free, Everyuth, Nutralite, Sugarlite and acquired brands like Glucon D, Complan, Nycil and Sampriti Ghee. In FY19, the company entered into a share purchase agreement jointly with Cadila Healthcare Limited to acquire 100% shareholding of Heinz India Private Limited (a subsidiary of Kraftz Heinz) for โน4,667 cr. During the year, the company expanded its footprint in international markets such as Hongkong, Lebanon, Zimbabwe, Muscat, Ethiopia & Australia and launched new products under the sugar free category (Sugar free Dโlite cookies and sugar free Dโlite chocolate spread). The key highlight during FY25 was the acquisition of Naturell (India) Private Limited, involved in the business of manufacturing, R&D, marketing & selling of nutrition bars, cookies, chips and other food products under the brands Ritebite Max Protein and Ritebite (fiber-enriched snacks). Cost of acquisition was โน390 cr and revenue for this brand during FY24 stood at ~โน119 cr.
Zydus Wellness Limited Established in 1988, Zydus Wellness Limited, a subsidiary of the pharmaceutical company, Zydus Lifesciences formerly known as Cadila Healthcare is a leading consumer wellness company. The company enjoys a pan-India marketing presence through a distribution network which comprises of over 1,950 distributors and has five subsidiaries. Currently, the company has four manufacturing units: one each at Gujrat, Uttar Pradesh and two at Sikkim. Its distribution has been facilitated by investment in 25 integrated warehouses, which can serve both its cold chain and ambient range of brands. The product portfolio includes flagship brands like Sugar Free, Everyuth, Nutralite, Sugarlite and acquired brands like Glucon D, Complan, Nycil and Sampriti Ghee. In FY19, the company entered into a share purchase agreement jointly with Cadila Healthcare Limited to acquire 100% shareholding of Heinz India Private Limited (a subsidiary of Kraftz Heinz) for โน4,667 cr. During the year, the company expanded its footprint in international markets such as Hongkong, Lebanon, Zimbabwe, Muscat, Ethiopia & Australia and launched new products under the sugar free category (Sugar free Dโlite cookies and sugar free Dโlite chocolate spread). The key highlight during FY25 was the acquisition of Naturell (India) Private Limited, involved in the business of manufacturing, R&D, marketing & selling of nutrition bars, cookies, chips and other food products under the brands Ritebite Max Protein and Ritebite (fiber-enriched snacks). Cost of acquisition was โน390 cr and revenue for this brand during FY24 stood at ~โน119 cr.
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